WertpapierhandelsBank AG (VPE) – a traditional securities trader based in Germany is now looking forward to expanding its brokerage operations by allowing institutional investors to trade in virtual digital currencies. In order to provide the crypto trading services, the bank has joined hands with solarisBank – Berlin-based technology company.
VPE is regulated by the German financial watchdog Federal Financial Supervisory Authority (BaFin). In its press release, the bank says
“VPE has an impressive trading track record and has access to the appropriate networks and technical requirements for processing individual transactions. VPE also meets all necessary KYC (Know your Customer) and AML (Anti-Money-Laundering) requirements.”
A statement on the bank’s official website notes that the new crypto trading services are “exclusively to institutional and professional clients. A private client may ask us in writing to be treated as a professional client.”
The VPE’s virtual currency trading account will be held by solarisBank in escrow and customers will get access to individual wallets hosted by VPE. This will help to make the crypto-trading process simple and fast while at the same time maintaining the highest security standards.
In the press release, Katharina Strenski, Public Relations Manager at VPE says
“Cryptocurrencies such as Bitcoin, Litecoin, Ethereum and others have become a promising asset class in recent years. To date, trading digital tokens has been restricted to crypto exchanges and online market places. We are pleased to be the first German bank to offer our customers cryptocurrency trading services.”
She further adds that “Until now, institutional investors have faced high entry barriers to crypto trading. Our cryptocurrency trading services offer a much more convenient alternative.”
Earlier this month, a few sources told Bloomberg that international banking giant Barclays is conducting some assessment at its ends to see whether a client demand is sufficient enough to start a crypto-trading desk.
